Growing numbers of Democrats support the idea of guaranteeing decent jobs to all Americans. Here’s how they say it would work.
And the key to all this:
…all of these plans say the costs would be substantially offset by increases in tax revenue as more people entered the workforce, and decreases in the uptake of Social Security programs as well as GDP growth and increased productivity.
The program could even “pay for itself,” the Levy report says, taking into account reduction in crime, better health, better social and economic stability and reductions in Social Security spending.
The Levy models say that if you bring 15 million people into the jobs guarantee, the private sector would benefit from the subsequent increased buying power, creating around 4.2 million additional jobs. “In the aggregate,” Kelton said, “it’s clear the economy as a whole does far better, and that means that the private sector does far better.”